Highlights
Kornit Digital Ltd. (NASDAQ: KRNT), a leading provider of digital
printing solutions for the global printed textile industry, today
reported results for the second quarter ended June 30, 2018.
Non-GAAP figures in today’s press release are
presented using a different methodology compared to previous
periods as a result of comments from the US Securities and Exchange
Commission. These changes also impact the Company's guidance
methodology. Details of which can be found at the end of today's
press release.
Kornit reported second quarter 2018 revenue
increased 25.5% to $35.9 million, net of $1.5 million attributed to
the non-cash impact of warrants, compared to the prior year period
of $28.6 million, net of $1.4 million attributed to the non-cash
impact of warrants. Higher revenue in the quarter was attributable
to widespread growth across geographies and customers, and the
delivery of systems on a large customer program.
GAAP operating income increased to $1.6 million,
compared to the prior year period operating loss of $62 thousand.
Non-GAAP operating income increased 138.3% to $3.2 million, or 8.8%
of revenues, compared to the prior year period of $1.3 million or
4.7% of sales. Increased operating income was the result of
increased sales, gross margin expansion, and higher operating
leverage as a result of higher sales.
Ronen Samuel, Kornit Digital’s Chief Executive
Officer, commented, “I am very pleased with our results for the
quarter which included a robust top line growth rate of 25.5% with
revenues and operating margins coming in at above the high end of
our guidance. These achievements were driven by strong demand for
our market leading technology. The recent introduction of the
Avalanche HD 6 System with its significant reduction in cost per
print, improved hand-feel and improved print quality combined with
the continued shift towards print on demand have created excellent
business momentum. The retail shift towards shorter run production
and the benefits offered by the HD6 are driving migration of more
screen printers to our digital solution. To that end, we are well
positioned to capture increased growth opportunities as our
addressable market expands. Having spent the last 7 weeks on the
road meeting customers and employees in all our regions, I was
pleased to see the strong business momentum enjoyed by existing and
new customers as well as the level of trust and depth of relations
our employees have built over the years.”
Second Quarter Results of
Operations Kornit reported second quarter revenues, net of
the non-cash impact of warrants, of $35.9 million, compared with
the prior-year period level of $28.6 million. The total non-cash
impact of the warrants deducted from revenues was $1.5 million in
the second quarter of 2018 and $1.4 million in the second quarter
of 2017.
On a GAAP basis, second quarter gross profit was
$17.4 million, compared with $13.2 million, in the prior-year
period. Non-GAAP gross profit in the second quarter was $17.6
million, or 49.2% gross margin compared with $13.3 million, or
46.6% gross margin in the second quarter of 2017. Higher gross
margins primarily reflected a favorable product mix compared to the
prior year period.
On a GAAP basis, total operating expenses in the
second quarter were $15.8 million, compared to $13.2 million in the
prior year period. Non-GAAP operating expenses in the second
quarter increased to $14.5 million, or 40.3% of revenues, compared
to $12.0 million, or 42% of revenues in the prior year period.
Second quarter GAAP research and development
expenses were $5.3 million, compared to the prior-year period of
$4.6 million. Second quarter non-GAAP research and development
expenses were $5.1 million, or 14.2% of revenues, compared to $4.4
million, or 15.3% of revenues in the prior-year period.
Second quarter GAAP selling and marketing
expenses were $6.4 million, compared to the prior-year period of
$5.3 million. Second quarter non-GAAP selling and marketing
expenses were $5.9 million, or 16.3% of revenues, compared to $4.8
million, or 16.8% of revenues in the prior-year period.
Second quarter GAAP general and administrative
expenses were $4.0 million, compared to the prior-year period of
$3.3 million. Second quarter non-GAAP general and administrative
expenses were $3.5 million, or 9.8% of revenues, compared to $2.8
million, or 9.9% of revenues in the prior-year period.
On a GAAP basis, second quarter operating income
was $1.6 million, compared to the prior year period operating loss
of $62 thousand. Non-GAAP operating income in the second quarter
increased to $3.2 million, compared to $1.3 million in the prior
year period. As a percent of revenues, Non-GAAP operating margin
for the second quarter was 8.8% of revenues, compared with 4.7% of
revenues in the second quarter of 2017.
On a GAAP basis, the Company reported net income
of $1.8 million, or $0.05 per diluted share, compared to a net
income of $0.2 million, in the second quarter of 2017. Non-GAAP net
income for the second quarter of 2018 was $3.2 million, or $0.09
per diluted share, compared to net income of $1.5 million, or $0.04
per diluted share in the prior year period.
Balance Sheet and Cash FlowAt
June 30, 2018, the Company had cash and marketable securities of
$102.7 million, and no long-term debt. Cash flow used in operations
for the second quarter of 2018 was $4.9 million, attributable to
operation and reduction of inventory.
Third Quarter 2018 Guidance The
Company will discuss the details of its guidance live during its
earnings conference call, which will be available for replay via
webcast at ir.kornit.com.
Conference Call InformationThe
Company will host a conference call on the today at 5:00 p.m. ET,
or 0:00 a.m. Israel time, to discuss the results, followed by a
question and answer session for the investment community. A
live webcast of the call can be accessed at ir.kornit.com. To
access the call, participants may dial toll-free at 1-866-548-4713
or +1-323-794-2093. The toll-free Israeli number is 1 80 921 2883.
The confirmation code is 8206507.
To listen to a telephonic replay of the
conference call, dial toll-free 1-844-512-2921 or +1-412-317-6671
(international) and enter confirmation code 8206507. The telephonic
replay will be available beginning at 8:00 p.m. ET on Monday,
August 6, 2018, and will last through 11:59 p.m. ET on Monday,
August 20, 2018. The call will also be available for replay
via the webcast link on Kornit’s Investor Relations website.
Forward Looking
StatementsCertain statements in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and other U.S. securities
laws. Forward-looking statements are characterized by the use of
forward-looking terminology such as "will," "expects,"
"anticipates," "continue," "believes," "should," "intended,"
"guidance," "preliminary," "future," "planned," or other words.
These forward-looking statements include, but are not limited to,
statements relating to the company's objectives, plans and
strategies, statements of preliminary or projected results of
operations or of financial condition and all statements that
address activities, events or developments that the company
intends, expects, projects, believes or anticipates will or may
occur in the future. Forward-looking statements are not guarantees
of future performance and are subject to risks and uncertainties.
The company has based these forward-looking statements on
assumptions and assessments made by its management in light of
their experience and their perception of historical trends, current
conditions, expected future developments and other factors they
believe to be appropriate. Important factors that could cause
actual results, developments and business decisions to differ
materially from those anticipated in these forward-looking
statements include, among other things: our success in developing,
introducing and selling new or improved products and product
enhancements, our ability to consummate sales to large accounts
with multi-system delivery plans, our ability to fill orders for
our systems, our ability to continue to increase sales of our
systems and ink and consumables, our ability to leverage our global
infrastructure build-out, the development of the market for digital
textile printing, availability of alternative ink, competition,
sales concentration, changes to our relationships with suppliers,
our success in marketing, and those factors referred to under "Risk
Factors" in the company's Annual Report on Form 20-F filed with the
U.S. Securities and Exchange Commission on March 30, 2018. Any
forward-looking statements in this press release are made as of the
date hereof, and the company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
Non-GAAP Discussion
DisclosureNon-GAAP financial measures consist of GAAP
financial measures adjusted to exclude the impact of share-based
compensation expenses, amortization of acquired intangible assets
and restructuring expenses and their tax effect. The purpose of
such adjustments is to give an indication of our performance
exclusive of non-cash charges and other items that are considered
by management to be outside of our core operating results. These
non-GAAP measures are among the primary factors management uses in
planning for and forecasting future periods. Furthermore, the
non-GAAP measures are regularly used internally to understand,
manage and evaluate our business and make operating decisions, and
we believe that they are useful to investors as a consistent and
comparable measure of the ongoing performance of our business.
However, our non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
measures, and should be read only in conjunction with our
consolidated financial statements prepared in accordance with GAAP.
Additionally, these non-GAAP financial measures may differ
materially from the non-GAAP financial measures used by other
companies.
About KornitKornit Digital
(NASDAQ:KRNT) develops, manufactures and markets industrial digital
printing technologies for the garment, apparel and textile
industries. Kornit delivers complete solutions, including digital
printing systems, inks, consumables, software and after-sales
support. Leading the digital direct-to-garment printing market with
its exclusive eco-friendly NeoPigment printing process, Kornit
caters directly to the changing needs of the textile printing value
chain. Kornit’s technology enables innovative business models based
on web-to-print, on-demand and mass customization concepts. With
its immense experience in the direct-to-garment market, Kornit also
offers a revolutionary approach to the roll-to-roll textile
printing industry: digitally printing with a single ink set onto
multiple types of fabric with no additional finishing processes.
Founded in 2003, Kornit Digital is a global company, headquartered
in Israel with offices in the USA, Europe and Asia Pacific, and
serves customers in more than 100 countries worldwide.
|
KORNIT DIGITAL LTD. |
AND ITS SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(U.S. dollars in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Three Months Ended |
|
June 30, |
|
June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Products |
$ |
58,850 |
|
$ |
50,406 |
|
|
$ |
32,092 |
|
$ |
25,776 |
|
Services |
|
8,146 |
|
|
5,285 |
|
|
|
3,784 |
|
|
2,813 |
|
Total revenues |
|
66,996 |
|
|
55,691 |
|
|
|
35,876 |
|
|
28,589 |
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
|
|
|
|
|
Products |
|
25,232 |
|
|
24,075 |
|
|
|
14,193 |
|
|
11,992 |
|
Services |
|
8,947 |
|
|
6,556 |
|
|
|
4,255 |
|
|
3,432 |
|
Total cost of
revenues |
|
34,179 |
|
|
30,631 |
|
|
|
18,448 |
|
|
15,424 |
|
|
|
|
|
|
|
|
|
Gross profit |
|
32,817 |
|
|
25,060 |
|
|
|
17,428 |
|
|
13,165 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Research and
development |
|
10,589 |
|
|
9,342 |
|
|
|
5,317 |
|
|
4,562 |
|
Selling and
marketing |
|
12,201 |
|
|
10,829 |
|
|
|
6,352 |
|
|
5,271 |
|
General and
administrative |
|
8,054 |
|
|
6,138 |
|
|
|
4,026 |
|
|
3,301 |
|
Restructuring
expenses |
|
266 |
|
|
93 |
|
|
|
118 |
|
|
93 |
|
Total operating
expenses |
|
31,110 |
|
|
26,402 |
|
|
|
15,813 |
|
|
13,227 |
|
Operating income
(loss) |
|
1,707 |
|
|
(1,342 |
) |
|
|
1,615 |
|
|
(62 |
) |
Financial income, net |
|
828 |
|
|
93 |
|
|
|
295 |
|
|
389 |
|
Income
(loss) before taxes on income |
|
2,535 |
|
|
(1,249 |
) |
|
|
1,910 |
|
|
327 |
|
|
|
|
|
|
|
|
|
Taxes on income |
|
196 |
|
|
273 |
|
|
|
136 |
|
|
112 |
|
Net income (loss) |
|
2,339 |
|
|
(1,522 |
) |
|
|
1,774 |
|
|
215 |
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share |
$ |
0.07 |
|
$ |
(0.05 |
) |
|
$ |
0.05 |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
Weighted average number
of shares |
|
|
|
|
|
|
|
used in computing basic
net |
|
|
|
|
|
|
|
income
(loss) per share |
|
34,295,752 |
|
|
33,151,633 |
|
|
34,321,995 |
|
33,658,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
income (loss) per share |
$ |
0.07 |
|
$ |
(0.05 |
) |
|
$ |
0.05 |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
Weighted average number
of shares |
|
|
|
|
|
|
|
used in computing
diluted |
|
|
|
|
|
|
|
net
income (loss) per share |
|
34,885,393 |
|
|
33,151,633 |
|
|
35,047,817 |
|
34,719,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
KORNIT DIGITAL LTD. |
AND ITS SUBSIDIARIES |
RECONCILIATION OF GAAP TO
NON-GAAP
CONSOLIDATED
STATEMENTS
OF
OPERATIONS |
(U.S. dollars in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
Three Months Ended |
|
|
June 30, |
|
|
|
June 30, |
|
` |
2018 |
|
2017 |
|
|
|
2018 |
|
2017 |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP cost of revenues |
$ |
34,179 |
|
|
$ |
30,631 |
|
|
|
|
$ |
18,448 |
|
|
$ |
15,424 |
|
Share-based
compensation (1) |
|
(341 |
) |
|
|
(287 |
) |
|
|
|
|
(193 |
) |
|
|
(143 |
) |
Intangible
assets amortization (2) |
|
(50 |
) |
|
|
(50 |
) |
|
|
|
|
(25 |
) |
|
|
(25 |
) |
Non-GAAP cost of revenues |
$ |
33,788 |
|
|
$ |
30,294 |
|
|
|
|
$ |
18,230 |
|
|
$ |
15,256 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit |
$ |
32,817 |
|
|
$ |
25,060 |
|
|
|
|
$ |
17,428 |
|
|
$ |
13,165 |
|
Gross
profit adjustments |
|
391 |
|
|
|
337 |
|
|
|
|
|
218 |
|
|
|
168 |
|
Non-GAAP
gross profit |
$ |
33,208 |
|
|
$ |
25,397 |
|
|
|
|
$ |
17,646 |
|
|
$ |
13,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
31,110 |
|
|
$ |
26,402 |
|
|
|
|
$ |
15,813 |
|
|
$ |
13,227 |
|
Share-based
compensation (1) |
|
(2,039 |
) |
|
|
(1,661 |
) |
|
|
|
|
(982 |
) |
|
|
(867 |
) |
Intangible
assets amortization (2) |
|
(482 |
) |
|
|
(677 |
) |
|
|
|
|
(241 |
) |
|
|
(266 |
) |
Restructuring expenses |
|
(266 |
) |
|
|
(93 |
) |
|
|
|
|
(118 |
) |
|
|
(93 |
) |
Non-GAAP operating expenses |
$ |
28,323 |
|
|
$ |
23,971 |
|
|
|
|
$ |
14,472 |
|
|
$ |
12,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Taxes
on income |
$ |
196 |
|
|
$ |
273 |
|
|
|
|
$ |
136 |
|
|
$ |
112 |
|
Tax effect
on to the above non-GAAP adjustments |
|
181 |
|
|
|
306 |
|
|
|
|
|
93 |
|
|
|
122 |
|
Non-GAAP
Taxes on income |
$ |
377 |
|
|
$ |
579 |
|
|
|
|
$ |
229 |
|
|
$ |
234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
$ |
2,339 |
|
|
$ |
(1,522 |
) |
|
|
|
$ |
1,774 |
|
|
$ |
215 |
|
Share-based
compensation (1) |
|
2,380 |
|
|
|
1,948 |
|
|
|
|
|
1,175 |
|
|
|
1,010 |
|
Intangible
assets amortization (2) |
|
532 |
|
|
|
727 |
|
|
|
|
|
266 |
|
|
|
291 |
|
Restructuring expenses |
|
266 |
|
|
|
93 |
|
|
|
|
|
118 |
|
|
|
93 |
|
Tax effect
on to the above non-GAAP adjustments |
|
(181 |
) |
|
|
(306 |
) |
|
|
|
|
(93 |
) |
|
|
(122 |
) |
Non-GAAP net income (*) |
$ |
5,336 |
|
|
$ |
940 |
|
|
|
|
$ |
3,240 |
|
|
$ |
1,487 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earning (loss) per share |
$ |
0.07 |
|
|
$ |
(0.05 |
) |
|
|
|
$ |
0.05 |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted earning per share |
$ |
0.15 |
|
|
$ |
0.03 |
|
|
|
|
$ |
0.09 |
|
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing diluted |
|
|
|
|
|
|
|
|
|
GAAP net
earning (loss) per share |
|
34,885,393 |
|
|
|
33,151,633 |
|
|
|
|
|
35,047,817 |
|
|
|
34,719,784 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing diluted |
|
|
|
|
|
|
|
|
|
non GAAP
net earning per share |
|
35,176,284 |
|
|
|
34,702,588 |
|
|
|
|
|
35,346,599 |
|
|
|
35,235,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Share-based compensation |
|
|
|
|
|
|
|
|
|
|
Cost of
product |
|
189 |
|
|
|
204 |
|
|
|
|
|
104 |
|
|
|
101 |
|
|
Cost of
service |
|
152 |
|
|
|
83 |
|
|
|
|
|
89 |
|
|
|
42 |
|
|
Research and
development |
|
402 |
|
|
|
297 |
|
|
|
|
|
228 |
|
|
|
180 |
|
|
Selling and
marketing |
|
476 |
|
|
|
430 |
|
|
|
|
|
248 |
|
|
|
210 |
|
|
General and
administrative |
|
1,161 |
|
|
|
934 |
|
|
|
|
|
506 |
|
|
|
477 |
|
|
|
|
2,380 |
|
|
|
1,948 |
|
|
|
|
|
1,175 |
|
|
|
1,010 |
|
(2)
Intangible assets amortization |
|
|
|
|
|
|
|
|
|
|
Cost of
product |
|
50 |
|
|
|
50 |
|
|
|
|
|
25 |
|
|
|
25 |
|
|
Selling
and marketing |
|
482 |
|
|
|
677 |
|
|
|
|
|
241 |
|
|
|
266 |
|
|
|
|
532 |
|
|
|
727 |
|
|
|
|
|
266 |
|
|
|
291 |
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
Non-GAAP net income has been updated from prior reports (a) to
remove the adjustment for the non-cash impact of the warrants
deducted from revenues, and (b) to reflect the tax effect of the
non-GAAP adjustments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KORNIT DIGITAL LTD. |
AND ITS SUBSIDIARIES |
CONSOLIDATED
BALANCE
SHEETS |
(U.S. dollars in thousands) |
|
|
June 30, |
|
December 31, |
|
|
2018 |
|
2017 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
17,223 |
|
$ |
18,629 |
Short-term bank
deposit |
|
|
7,500 |
|
|
4,500 |
Marketable
securities |
|
|
10,657 |
|
|
5,537 |
Trade receivables,
net |
|
|
33,162 |
|
|
23,245 |
Inventory |
|
|
25,123 |
|
|
34,855 |
Other accounts
receivable and prepaid expenses |
|
|
3,153 |
|
|
2,661 |
Total current
assets |
|
|
96,818 |
|
|
89,427 |
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
|
Marketable
securities |
|
|
67,341 |
|
|
68,835 |
Deposits and other
long-term assets |
|
|
722 |
|
|
627 |
Severance pay fund |
|
|
537 |
|
|
523 |
Deferred tax asset |
|
|
805 |
|
|
564 |
Property and equipment,
net |
|
|
10,994 |
|
|
11,230 |
Intangible assets,
net |
|
|
1,543 |
|
|
2,076 |
Goodwill |
|
|
5,092 |
|
|
5,092 |
Total long-term
assets |
|
|
87,034 |
|
|
88,947 |
|
|
|
|
|
Total assets |
|
$ |
183,852 |
|
$ |
178,374 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Trade payables |
|
$ |
10,014 |
|
$ |
12,439 |
Employees and payroll
accruals |
|
|
7,081 |
|
|
6,338 |
Deferred revenues and
advances from customers |
|
|
2,096 |
|
|
1,697 |
Other payables and
accrued expenses |
|
|
4,740 |
|
|
5,046 |
Total current
liabilities |
|
|
23,931 |
|
|
25,520 |
|
|
|
|
|
LONG-TERM
LIABILITIES: |
|
|
|
|
Accrued severance
pay |
|
|
1,355 |
|
|
1,232 |
Payment obligation
related to acquisition |
|
|
- |
|
|
334 |
Other long-term
liabilities |
|
|
764 |
|
|
589 |
Total long-term
liabilities |
|
|
2,119 |
|
|
2,155 |
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
157,802 |
|
|
150,699 |
|
|
|
|
|
Total liabilities and
shareholders' equity |
|
$ |
183,852 |
|
$ |
178,374 |
|
|
|
|
|
|
KORNIT DIGITAL LTD. |
AND ITS SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(U.S. dollars in thousands) |
|
|
|
|
|
Six Months Ended |
|
Three Months Ended |
|
June 30, |
|
June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) |
$ |
2,339 |
|
|
$ |
(1,522 |
) |
|
$ |
1,774 |
|
|
$ |
215 |
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation and
amortization |
|
2,367 |
|
|
|
2,427 |
|
|
|
1,200 |
|
|
|
1,154 |
|
Fair value of warrants
deducted from revenues |
|
1,533 |
|
|
|
2,353 |
|
|
|
1,491 |
|
|
|
1,415 |
|
Share-based
compensation |
|
2,380 |
|
|
|
1,948 |
|
|
|
1,175 |
|
|
|
1,010 |
|
Amortization of premium
on marketable securities |
|
241 |
|
|
|
277 |
|
|
|
124 |
|
|
|
145 |
|
Realized gain on sale
of marketable securities |
|
- |
|
|
|
(29 |
) |
|
|
- |
|
|
|
(29 |
) |
Decrease (increase) in
trade receivables |
|
(10,141 |
) |
|
|
2,894 |
|
|
|
(7,871 |
) |
|
|
(4,332 |
) |
Decrease (increase) in
other receivables and prepaid expenses |
|
(522 |
) |
|
|
747 |
|
|
|
(939 |
) |
|
|
1,016 |
|
Decrease (increase) in
inventory |
|
9,044 |
|
|
|
(8,652 |
) |
|
|
4,129 |
|
|
|
(2,716 |
) |
Decrease (increase) in
deferred taxes, net |
|
(219 |
) |
|
|
(183 |
) |
|
|
90 |
|
|
|
(19 |
) |
Decrease (increase) in
other long term assets |
|
(97 |
) |
|
|
194 |
|
|
|
(52 |
) |
|
|
45 |
|
Increase (decrease) in
trade payables |
|
(2,192 |
) |
|
|
(2,060 |
) |
|
|
2,954 |
|
|
|
(1,851 |
) |
Increase (decrease) in
employees and payroll accruals |
|
759 |
|
|
|
(833 |
) |
|
|
417 |
|
|
|
(1,087 |
) |
Increase (decrease) in
deferred revenues and advances from customers |
|
412 |
|
|
|
(692 |
) |
|
|
108 |
|
|
|
390 |
|
Increase (decrease) in
other payables and accrued expenses |
|
203 |
|
|
|
122 |
|
|
|
(684 |
) |
|
|
(755 |
) |
Increase (decrease) in
accrued severance pay, net |
|
109 |
|
|
|
28 |
|
|
|
189 |
|
|
|
(4 |
) |
Increase in other long
term liabilities |
|
175 |
|
|
|
369 |
|
|
|
141 |
|
|
|
133 |
|
Loss from sale of
property and Equipment |
|
- |
|
|
|
29 |
|
|
|
- |
|
|
|
29 |
|
Foreign currency
translation loss on inter company balances with foreign
subsidiaries |
|
293 |
|
|
|
(595 |
) |
|
|
632 |
|
|
|
(482 |
) |
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities |
|
6,684 |
|
|
|
(3,178 |
) |
|
|
4,878 |
|
|
|
(5,723 |
) |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment |
|
(1,244 |
) |
|
|
(3,431 |
) |
|
|
(762 |
) |
|
|
(2,536 |
) |
Investment in bank
deposits |
|
(3,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Proceeds from sale of
marketable securities |
|
- |
|
|
|
38,312 |
|
|
|
- |
|
|
|
38,312 |
|
Proceeds from maturity
of marketable securities |
|
2,150 |
|
|
|
6,740 |
|
|
|
1,650 |
|
|
|
2,000 |
|
Purchase of marketable
securities |
|
(6,130 |
) |
|
|
(70,648 |
) |
|
|
(3,781 |
) |
|
|
(22,520 |
) |
Net cash provided by
(used in) investing activities |
|
(8,224 |
) |
|
|
(29,027 |
) |
|
|
(2,893 |
) |
|
|
15,256 |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from follow on
offering |
|
- |
|
|
|
36,058 |
|
|
|
- |
|
|
|
428 |
|
Exercise of employee
stock options |
|
1,067 |
|
|
|
1,347 |
|
|
|
536 |
|
|
|
872 |
|
Payment of deferred
issuance cost |
|
- |
|
|
|
(981 |
) |
|
|
- |
|
|
|
(981 |
) |
Payment of contingent
consideration |
|
(900 |
) |
|
|
(1,400 |
) |
|
|
- |
|
|
|
- |
|
Net cash provided by
financing activities |
|
167 |
|
|
|
35,024 |
|
|
|
536 |
|
|
|
319 |
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments on cash and cash equivalents |
|
(33 |
) |
|
|
99 |
|
|
|
(80 |
) |
|
|
85 |
|
Increase (decrease) in
cash and cash equivalents |
|
(1,373 |
) |
|
|
2,819 |
|
|
|
2,521 |
|
|
|
9,852 |
|
Cash and cash
equivalents at the beginning of the period |
|
18,629 |
|
|
|
22,789 |
|
|
|
14,782 |
|
|
|
15,770 |
|
Cash and cash
equivalents at the end of the period |
|
17,223 |
|
|
|
25,707 |
|
|
|
17,223 |
|
|
|
25,707 |
|
|
|
|
|
|
|
|
|
Non-cash investing and
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment on credit |
|
200 |
|
|
|
863 |
|
|
|
200 |
|
|
|
863 |
|
Inventory transferred
to be used as property and equipment |
|
591 |
|
|
|
167 |
|
|
|
- |
|
|
|
167 |
|
Receipt on account of
shares |
|
20 |
|
|
|
- |
|
|
|
20 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Investor Contact:Michael Callahan, ICR(203)
682-8311Michael.Callahan@icrinc.com
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